Shell and Exxon’s €5bn problem: gas drilling that sets off earthquakes and wrecks homes
Groningen has been one of Europe’s richest gas fields for 30 years, and thousands of people say their homes have been damaged by the tremors that drilling sets off. Now a class action may finally bring them compensation – and force a rethink of European energy security
Highlights from an article by Lucas Amin Published Saturday, 10 October 2015
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A life-threatening earthquake reaching magnitude 4 or 5 on the Richter scale is possible and could strike at any moment.
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The scandal has already cost Shell and Exxon Mobil €1.2bn and the bill for repairing properties and safeguarding against future damage could cost a further €30bn.
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Before Shell and Exxon’s joint venture company NAM started operations, Groningen had no history of seismic activity.
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Since then, nearly a thousand earthquakes up to 3.6 on the Richter have shaken Groningen resulting in more than 50,00 damage complaints.
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The Dutch authorities could be held criminally accountable.
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Posted in: Business Principles, Environment, Exxon Mobil, Gas, Groningen Earthquakes, Litigation, Royal Dutch Shell Plc, Shell.
Tagged: ExxonMobil · Groningen field · Royal Dutch Shell Plc · Shell
